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S. 553 108th Congress Senate

Business Checking Freedom Act of 2003

Official title: A bill to allow all businesses to make up to 24 transfers each month from interest-bearing transaction accounts to other transaction accounts , to require the … Show full official titleShow less

Official title: A bill to allow all businesses to make up to 24 transfers each month from interest-bearing transaction accounts to other transaction accounts , to require the payment of interest on reserves held for depository institutions at Federal reserve banks, and for other purposes.

Introduced: March 6, 2003 Introduced by: Charles E. Schumer Democratic · New York See on congress.gov
Finance and Financial Sector Administrative procedureBank accountsBank depositsBank reserves
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CommerceCorporate financeDividendsEconomics and Public FinanceFederal Reserve SystemGovernment Operations and PoliticsInterestLawMonetary policyMoney supplyNOW accountsSavings accounts
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This bill died when the 108th Congress ended
It never became law before the 108th Congress (2003–2004) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 6, 2003
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Mar 6, 2003
Introduced in Senate
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 Latest action March 6, 2003

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Plain-English summary Congressional Research Service
Business Checking Freedom Act of 2003 - Amends Federal law to authorize interest-bearing transaction accounts for all businesses, permitting up to 24 transfers per month (or any greater number the Federal Reserve Board may determine) to another account of the owner in the same institution.

Authorizes the payment of interest by a Federal reserve bank at least quarterly on balances maintained there on behalf of a depository institution.

Amends the Federal Reserve Act to revise the ratio of reserves a depository institution must maintain against its transaction accounts, permitting a ratio of zero.

Directs the Federal Reserve banks in FY 2003 through 2007 to transfer to the Board for transfer to the Secretary of the Treasury, for deposit in the general fund, additional surplus funds equal to the net cost of their interest payments to depository institutions.

 Related & companion bills 1
  • HR 758 Identical bill Business Checking Freedom Act of 2003
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
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APA
U.S. Congress. (2026). S. 553: Business Checking Freedom Act of 2003. 108th Congress. Open America. https://openamerica.io/bill/108-S-553/
MLA
"S. 553: Business Checking Freedom Act of 2003." 108th Congress, 2026, Open America, https://openamerica.io/bill/108-S-553/.
Bluebook (legal)
S. 553, 108th Cong. (2026), https://openamerica.io/bill/108-S-553/.
Markdown link
[S. 553: Business Checking Freedom Act of 2003](https://openamerica.io/bill/108-S-553/)
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